Insurance company Amlin (LON:AML) is one of the biggest movers on the stock market this morning after announcing that it has agreed to an acquisition by Japanese insurers Mitsui Sumitomo.
The acquisition values the entire issued and to be issued share capital of Amlin at approximately £3,468 million. Amlin is currently trading up 32.5 percent on the news. (0945GMT)
This marks the fourth major international deal in as many months by Japanese insurers expanding overseas in a bid to diversity risk exposure geographically.
Charles Philipps, Chief Executive of Amlin, said in a statement:
“We believe that this combination is extremely compelling. We have always had a very high regard for MSI, our strategies and corporate values are closely aligned, and this transaction will now provide Amlin with the increased scale and financial muscle that will be required for long term success in our industry.
“I am confident that, with our combined skills and geographic coverage, we will continue to go from strength to strength.”